Amsterdam - The share value of Dutch electronics giant Philips dropped 1.10 per cent by noon on the Dutch stock exchange in Amsterdam on Thursday, following an announcement that the firm would reappraise its goals for performance in 2010.

The Eindhoven-based company said that under the current market circumstances, Philips would not be able to double its earnings per share, (EBITA, earnings before deduction of interest, tax and amortization expenses).

EBITA rates are indicative of a company's efficiency and profitability.

"The current downward cycle is unparalleled and develops much faster and deeper than expected. We need to act quickly and undertake more steps to minimize the effect on our profit," Philips said in its statement.

Philips is to spend 110 million euros (138.5 million dollars) in the fourth quarter as part of an ongoing 340-million-euro resturcturing and cost-saving plan.

Writedowns of more than 1.1 billion euros of shares held in South- Korean display manufacturer LG Display and semiconductor manufacturer NXP, will also hit the bottom line.

Philips said turnover for its healthcare division will be between 2.25 and 2.35 billion euros in the fourth quarter of 2008.

Its expectations for turnover of the cnsumer lifestyle division are between 2.8 and 3 billion euros.

For Lighting, Philips is counting on between 1.83 and 1.93 billion euros. (dpa)